CFIUS

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On February 6, 2026, the U.S. Department of the Treasury (“Treasury”), as chair of the Committee on Foreign Investment in the United States (“CFIUS”), issued a Request for Information (“RFI”) seeking public input on a new Known Investor Program and ways to make CFIUS’s review process more efficient.[1]  Stakeholders have until March 18, 2026 to submit comments regarding how CFIUS can streamline its foreign investment review process while maintaining a rigorous national security analysis.Continue Reading Treasury Seeks Public Input on CFIUS Known Investor Program and Additional Process Efficiencies

For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.

On January 2, 2026, President Trump issued an order (the “Order”) prohibiting HieFo Corporation (“HieFo”), a Delaware company, from maintaining ownership of digital chip and wafer-related assets (including a semiconductor manufacturing facility) that HieFo acquired from EMCORE Corporation (“EMCORE”). HieFo acquired the assets in April 2024 for $2.92 million, and the Committee on Foreign Investment in the United States (“CFIUS”) subsequently reviewed the transaction.Continue Reading President Trump Issues Order Requiring Hiefo Corporation to Divest Ownership of Digital Chip and Wafer-related Assets

The Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) recently published its 2024 Annual Report, which provides information regarding transactions reviewed by CFIUS during 2024.[1] Key takeaways from the 2024 Annual Report are below.   Continue Reading CFIUS Releases 2024 Annual Report: Key Takeaways

For more insights and analysis from Cleary lawyers on policy and regulatory developments from a legal perspective, visit What to Expect From a Second Trump Administration.

On July 8, 2025, President Trump issued an order (the “Order”) requiring a Chinese company, Suirui Group Co., Ltd., and its Hong Kong subsidiary, Suirui International Co., Limited (collectively, “Suirui”), to divest its interest and rights in Jupiter Systems, LLC (“Jupiter”), a California-based company specializing in video processing technology.Continue Reading President Trump Issues Order Requiring Chinese Company to Divest Interest in U.S. Video Processing Technology Company

On January 3, 2025, President Biden issued an executive order (the “Order”) prohibiting the proposed acquisition of United States Steel Corporation (“U.S. Steel”) by Japan-based Nippon Steel Corporation (“Nippon Steel”) on the basis that the transaction could threaten to impair the national security of the United States (the “Order”).  The Committee on Foreign Investment in the United States (“CFIUS”) referred the transaction to the President on December 23, 2024.    Continue Reading President Biden Issues Order Blocking the Proposed Acquisition of United States Steel Corporation by Nippon Steel Corporation, and The Parties Sue for a New Review

On November 18, 2024, the U.S. Department of the Treasury (“Treasury”), as Chair of the Committee on Foreign Investment in the United States (“CFIUS”), issued a final rule (the “Final Rule”) that enhances CFIUS’s mitigation and enforcement authority.  The Final Rule, which will take effect December 26, 2024 (30 days after the Final Rule was published in the Federal Register), represents a continued evolution of CFIUS’s approach to monitoring, compliance, and enforcement and largely is consistent with the Notice of Proposed Rulemaking (the “Proposed Rule”) issued on April 11, 2024, which we wrote about here.  We previously wrote about the first-ever 2022 CFIUS Enforcement and Penalty Guidelines here.Continue Reading Treasury Issues Final Rule Enhancing CFIUS Mitigation and Enforcement Authority

On September 6, 2024, the U.S. Department of Commerce, Bureau of Industry and Security (BIS) published an interim final rule (IFR) implementing new export controls on quantum computing items and other advanced technologies.[1]  In addition to subjecting these so-called critical and emerging technologies to more stringent export controls, investments by foreign persons into U.S. companies that develop or produce such technologies could be subject to mandatory Committee on Foreign Investment in the United States (CFIUS) filing requirements.[2]Continue Reading Commerce Imposes Export Controls on Quantum Computing and Other Advanced Technologies, Expands Scope of CFIUS Mandatory Filing Requirement

On July 8, 2024, the U.S. Department of the Treasury (“Treasury”), as Chair of the Committee on Foreign Investment in the United States (“CFIUS”), issued a Notice of Proposed Rulemaking (the “Proposed Rule”) that would modify and expand CFIUS’s jurisdiction over certain transactions by foreign persons involving real estate in the United States.Continue Reading Treasury Issues Proposed Rule to Expand CFIUS Jurisdiction Over Real Estate Transactions Near Military Installations